this post was submitted on 06 Jul 2023
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How banks and businesses can prep for the FedNow instant-payment system (www.computerworld.com)
submitted 2 years ago by PopBobert@lemmy.world to c/technology@lemmy.world
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FedNow will be the first of its kind central bank instant payment system in the US and could revolutionize how businesses and consumers pay and receive money. But not everyone is prepared for it.

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[–] guidedlight@kbin.social 2 points 2 years ago

Australian banks are now rolling out PayTo (www.payto.com.au), which is the consumer to business instant payment platform. It will eliminate the need for debit debits and return control back to individuals with respect to recurring payments (e.g. gym memberships, subscriptions, utility bills, etc).

Importantly it will provide a instant payment system for businesses that can bypass credit card fees (perfect for flight bookings, etc).